Shariah Concept

The Shariah concept applicable is Tawarruq

Tawarruq, also known as Reverse Murabaha, refers to the process of purchasing a commodity for a deferred price determined through Musawama (bargaining) or Murabaha (mark-up sale), and selling it to a third party for a spot price so as to obtain cash.

When this is applied to an overdraft facility, the Customer can draw funds in excess of his account balance. Customer may receive a refund on any un-withdrawn funds. Naqd is typically used for short-term financing.

Eligibility

Brunei Citizens and Permanent Residents

Individuals between the age of 18 and 65 years* (Terms & Conditions apply)